Page 56 - MOE ENGLISH PR REPORT- NOVEMBER 2024

Press Release

international hubs for business and investment and home to some of the largest global companies.
We are committed to furthering cooperation among our GCC partners in various sectors,

particularly in economy and investment, and exploring opportunities that enhance our economic

integration, driving the resilience and growth of GCC economies.”

The Minister of Economy highlighted the deep-rooted fraternal ties between the UAE and Bahrain,

which continue to flourish across all sectors, driven by the visionary leadership of both nations.

He also shed light on the transformative developments within the UAE’s business and investment

landscape. Recent updates include groundbreaking legal reforms, such as the family business law,
cooperative law, commercial agencies law, trading by modern technology means and arbitration

regulations, as well as the introduction of 100 per cent foreign ownership across sectors - all of
which support the expansion of new economic activities.

H.E. highlighted that the developments concerning economic legislation have significantly

improved the UAE's appeal for businesses and the establishment of companies. There are currently
1.5 million commercial licenses registered in the country. In 2023, the UAE economy witnessed

an influx of FDI projects worth over USD 30.6 billion, reflecting a remarkable 35 per cent growth
compared to that of 2022. Moreover, in 2024, the UAE secured the top spot globally as the most

favourable destination for setting up new businesses, in addition to being ranked second globally

in attracting new project investments in 2023.

Furthermore, H.E. discussed the UAE's efforts in digital transformation and the development of

state-of-the-art technology infrastructure in line with international best practices. This aligns with

the country's vision of becoming a hub for emerging industries, new economic sectors, and
regional as well as global entrepreneurship. Also emphasized were various national strategies

aimed at bolstering the role of different economic sectors in promoting diversity and sustainability,
particularly in areas such as renewable energy, green solutions, artificial intelligence (AI),

advanced technology, digital finance, and biotechnology.

Additionally, H.E. Bin Touq underlined the UAE's commitment to strengthening collaboration,
forging global partnerships, and expanding them by embracing an economic openness policy and

streamlining trade operations through the development of extensive logistics and technology

solutions that facilitate the movement of goods. H.E. Bin Touq stated that the UAE's engagement